..

Online Gambling and Digital Currency a Marriage Bound to Happen

Written by:
C Costigan
Published on:
Sep/06/2011
Online Gambling and Digital Currency

Last week, Gambling911.com reported on the potential for digital currencies such as BitCoin to begin flourishing in a space desperate for a revitalized payment system, online gambling.  The sector has come under attack in recent years as the US Justice Department cracks down on payment processors willing to conduct business with Web gambling firms.

Gambling911.com had an opportunity this week to sit down with DigiBookie.com President and Head Bookmaker William Lattimore to discuss the concept of using digital anonymous currency as a means of funding online sports betting and poker accounts.  His company already offers the option for sports and financial betting.

Digibookie.com has long operated in conjunction with another major establishment and currently utilizes the PinnacleSports.com lines while catering to US citizens and those throughout the world. 

If there is a book out entitled “Digital Currencies for Dummies”, the folks here at Gambling911.com want a copy.  We suspect many people besides us would want a copy.   

“There is no doubt that there is a learning curve for using and feeling comfortable with Bitcoin,” Lattimore admits. “However, the advantages are such that people are taking the time to learn. Its one of those things that takes a while to fully integrate into your life, but once you do, it’s a snap.”  

Lattimer points to Mtgox.com, the major exchanger.

“With an exchange like MtGox.com it is quite seamless to move (currency) in and out of Bitcoin.  We also have Liberty Reserve, Perfect money and Pacunix.  These currencies are much easier to use and are tied to Dollars and Gold (in Pecunix case).  The key is privacy, anonymity, and ease of deposits and payouts.”

As one might suspect, this type of currency appeals to a younger player base much like how eChecks in online gambling gained trust first among the 20-somethings.

“There is definitely a skew toward 25-35 year olds who are tech savvy,” Lattimer noted.  “However, with all of the exchangers around, if you can use Western Union, Moneygram or a bank wire, you can easily fund these currencies.  I like to compare the currencies to chips at a casino.

“If a player has no clue what to do, we can call them directly to walk them through the entire process. We have two marketing executives just for this purpose.”

Lattimer believes the online gambling industry will have no other choice but to turn to digital currency. 

“The industry will have to go this route eventually. My belief is that once the FEDS finish seizing domains and threatening books like The Greek to leave the US market, they will start looking at players’ Bank Wires and Money Transfer (WU & MG) activity. Can you say tax evasion?........ Very scary!”

- Chris Costigan, Gambling911.com publisher

Gambling News

Video Evidence NFL Players Involved in Poker Game Armed Robbery

Video Evidence NFL Players Involved in Poker Game Armed Robbery

The New York Daily News reports that video evidence, Instagram DMs, and testimony show payoff cover-ups for NFL players DeAndre Baker and Quinton Dunbar tied to an alleged armed robbery that occurred on May 13 in Miramar, Fla.

Can I Bet on Mybookie.ag From Iowa

Can I Bet on Mybookie.ag From Iowa

MyBookie.ag is among the most searched for online sportsbooks on the Web today but there are so many other great options from which to choose from if you live in Iowa

Butcher Facing Federal Gambling Charges

Butcher Facing Federal Gambling Charges

A North Shore butcher tangled up more than a decade ago over accusations of illegal sports gambling now faces criminal charges in federal court, prosecutors announced Thursday.

NJ Halts Bets on Ukrainian Table Tennis Due to Match Fixing

NJ Halts Bets on Ukrainian Table Tennis Due to Match Fixing

The New Jersey Division of Gaming Enforcement on Thursday ordered all sportsbooks to cease taking bets on Ukrainian table tennis.

First Virginia Sports Bets Next Year, FanDuel Expands McAfee Arrangement

First Virginia Sports Bets Next Year, FanDuel Expands McAfee Arrangement

Former Indianapolis Colts punter Pat McAfee Inc. and FanDuel will expand their sports betting and media partnership.

Syndicate